Module manufacturer JA Solar reported, in an official statement on its website, that its operational activities are being carried out normally, and that it has strict internal governance controls.
Furthermore, he stated that he is following investigations into the company's president, Jin Baofang. The executive was detained by Chinese authorities due to possible irregularities in his personal finances.
JA Solar also stated that internal investigations were carried out and no cases of financial fraud or other illegal acts that could harm the company's shareholders were found.
After the announcement, the manufacturer's shares fell 10% on November 9th, changing negatively from 40.53 CNY to 32.83 CNY and closed on November 10th with an increase of 1,98, recording 33.48 CNY. The company's market value, according to Shenzen Sotock Market, is USD 8 billion.
JA Solar is one of the manufacturers in the photovoltaic sector with the highest revenue and an excellent bankability index according to the BloombergNEF ranking. In the third quarter of this year, the company recorded net profit of US$89,5 million, according to a recently released balance sheet. Operating revenue was US$879 million, an increase of 25% compared to the same period in 2019.
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